Turkey Stocks: Aksigorta, Denizbank, Ford Otomotiv, Koc Holding

By Benjamin Harvey -
Nov 22, 2011

Turkey’s benchmark ISE National 100
Index (XU100) fell 1.5 percent to 51,986.38 at the close in Istanbul,
its lowest since Aug. 18. The country’s banking index (XBANK) fell 2.2
percent, dropping for a seventh day, its longest losing streak
since September 2008.

The following stocks were active. Stock symbols are in
parentheses.

Akbank TAS (AKBNK) , the bank part-owned by Citigroup
Inc., fell the most in almost a month, losing 4.2 percent to
5.96 liras and leading declines on the index.

Aksigorta AS (AKGRT) , an insurer owned by Ageas of
Belgium and Haci Omer Sabanci Holding AS (SAHOL), jumped 6.2 percent to
1.54 liras after the two owners said they each plan to buy more
shares in the company within a year. Sabanci and Ageas (AGS) may each
increase their stake by five percent, Sabanci said in a
statement to the exchange after the close yesterday.

Ford Otomotiv Sanayi AS (FROTO) , Ford Motor Co.’s
production unit in Turkey, dropped 2.7 percent to 14.40 liras.
The company was cut to “sell” from “buy” at UBS AG and to
“hold” from “buy” at BNP Paribas Securities in Asia.

Koc Holding AS (KCHOL TI), Turkey’s largest group of
companies, erased earlier gains of as much as 4.4 percent to
close down 0.3 percent at 5.84 liras. Koc will probably exceed
targets for 2011 and will continue growing at a slower pace next
year while remaining profitable, Chief Executive Officer Turgay
Durak said in an interview published today in Dunya newspaper.